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John Maynard Keynes

John Maynard Keynes

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Tuesday, December 11, 2012 John Maynard Keynes from (http://www.investopedia.com/articles/economics/09/john-maynard-keynes-keynesian.asp#axzz2EmRQY6hg) second wealthiest economist in history believed free market capitalism was unstable ideas were summed up in the book he wrote that came out in 1936, where he explained his ?General Theory? gave governments a central role in economics Keynes made government see that they could become the main driver in the economy Was against classical economic virtues Keynes believed that private investment, balanced government budgets and low taxes were more significant than saving, private investment, balanced government budgets and low taxes

A Brief History of Economics

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John Maynard Keynes was a British economist whose ideas have greatly shaped modern macroeconomics, and indeed is credited as the father of all modern macroeconomics. His ideas are the basis for the school of thought known as Keynesian economics. Keynesian Economics states that some microeconomic decisions may lead to macroeconomic inefficiencies. In other words, if a small economy such as Arizona’s real estate market slips, it could cause the large economy it is a part of, the economy of the United States, to wane. Several branches of Keynesian Economics are used today. Adam Smith’s economic theory basically states that as long as people act in their own self interest, the economy will remain stable to its highest efficiency.
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